First ICO Scam Halted Through SEC Cyber Unit Action

Back in July, the US Securities and Exchange Commission became the first governmental body to crack down on the popular method of crowdfunding that rose to pre-eminence this year. With the intent of protecting investors and providing a safe and regulated environment to conduct investment, the SEC announced that ICOs could be deemed as securities and treated as such, with all the relevant regulation and checks that applied. Prior to this, concerns had been raised around Initial Coin Offerings but no official positions had been taken. Any legal action taken against scams had been pursued by the individuals involved.

In the wake of this announcement, many other countries around the world began announcing their own decisions on ICOs, with different outcomes for the blockchain-based method depending on the stance the country took. Some, such as Switzerland, revealed that they were monitoring and acting on specific cases where potential illicit activity was suspected.

Based near Windsor, England, Matthew Warner is an enthusiast for innovative, cutting edge technologies. He is a B.Eng. graduate in engineering with honors from the University of Warwick and also holds an PGCE in education degree. Matthew is a member of Mensa.